What the decision says
Unlike most decisions here, this matter was fought. A discipline panel released a decision on the merits on 16 June 2023, finding breaches of sections 3, 35 and 39 of the Code of Ethics, and a separate penalty decision on 19 October 2023 imposing a $20,000 fine and mandatory ethics courses.
Liu appealed both. The appeal was heard in Toronto on 7 March 2025, with Liu self-represented and RECO represented by a paralegal. The notice of appeal raised three broad grounds and seven sub-issues, which were then amended in his factum.
The appeal panel dismissed the appeal. The merits decision was upheld, and the penalty decision was upheld with only the payment and course-completion dates amended.
- Registrant
- Shuxin Liu (registered as Antone Liu)
- Regulator
- Real Estate Council of Ontario (RECO)
- Decision released
- 17 March 2025
- Legislation
- REBBA 2002
- Findings
- Code of Ethics ss. 3, 35 and 39
- Fine
- $20,000
- Also ordered
- The appeal panel affirmed the $20,000 fine, payable within 180 days, and RECO's Compliance and Ethics in Real Estate course, parts one and two.
- Type of finding
- Regulatory Professional conduct. Not a criminal or civil finding.
The penalty
The order was a fine of $20,000. The appeal panel affirmed the $20,000 fine, payable within 180 days, and RECO's Compliance and Ethics in Real Estate course, parts one and two.
Why this record matters
This record shows what the process looks like when a registrant contests the case rather than agreeing to the facts. It also shows the ceiling on that strategy: two levels of decision, roughly two years, and the same penalty at the end. When you read that a decision was “dismissed on appeal”, it means the findings survived scrutiny.
Related reading: our guide on this, or the full index of records.
This is a professional-conduct decision by a regulator, not a criminal or civil finding, and it concerns the specific events described in the document. It says nothing about conduct before or after them. Parties the regulator anonymised stay anonymous here. If you are Antone Liu, or represent them, we will publish your response in full and unedited: see corrections and right of reply.
Source. Discipline decision of the Real Estate Council of Ontario, released 17 March 2025. Retrieved from the Internet Archive's capture of RECO's published decisions list on 6 September 2026 and republished here unaltered. RECO's own copy is at registrantsearch.reco.on.ca.